Oil and gas company Faroe Petroleum has agreed to acquire a 14 per cent stake in a Norwegian site.

The Licence PL289, located on the border with Denmark, contains the substantial Marsvin prospect which is due to be drilled in April.

There are also two other attractive prospects located close to the Trym field which Faroe also has a stake in.

Graham Stewart, chief executive of the Aberdeen-based company, said: "We are very pleased with this transaction which follows a series of important asset additions announced before Christmas and adds a further exciting near-term well to our already active drilling programme.